June 18 Markit Ltd IPO-MRKT.O priced its
initial public offering at $24 per share, valuing the financial
information service provider at about $4.3 billion, the Wall
Street Journal reported, citing sources.
Markit's IPO raised about $1.2 billion, after the company
priced its enlarged offering of 49.3 million shares at the
mid-point of its expected price range of $23-$25 per share, the
Journal said. (on.wsj.com/1nQdBFz)
The company, which competes with Bloomberg and Thomson
Reuters Corp , said selling shareholders,
including certain employees and members of the management, sold
all the shares in the offering.
Founded by Canadian Lance Uggla in 2001, Markit provides
pricing and reference data and indices and valuation services.
The company serves more than 3,000 institutional customers
globally, including banks, hedge funds and asset managers.
Singapore state investor Temasek Holdings Pte Ltd
holds about a 10.47 percent stake in Markit through its
wholly owned subsidiary, Esta Investments Pte Ltd.
Markit, which has more than 3,200 employees, also counts
Bank of America Corp, Deutsche Bank AG and
Goldman Sachs Group Inc among its major stockholders.
These firms also use Markit's financial data and trade
Bank of America's stake in Markit will fall to 4.6 percent
from about 8 percent after the IPO, while Esta Investments will
trim its stake slightly to 10.38 percent.
Markit's profit attributable to equity holders fell about
21.5 percent to $39.8 million for the quarter ended March 31.
Revenue rose about 14 percent to $259.4 million.
The company's information unit, which offers products for
independent valuations, trading, and liquidity and risk
assessments, contributes about 49 percent of its revenue.
Markit is expected to debut on the Nasdaq on Thursday under
the symbol "MRKT".
BofA Merrill Lynch, Barclays, Citigroup and Credit Suisse
were among the lead underwriters for the IPO.
(Reporting By Neha Dimri in Bangalore; Editing by Simon